Yes, Millennials are coming into the workforce with less specialized skills, but companies need to know how to engage those employees not for just for personal growth, but so they can also be an asset to the company, the panelists said.

The idea of entitlement is "subjective," said Key, of buuteeq, which offers a marketing platform for the international hotel industry. "Overly ambitious Millennials don't always know that they don't know something, and to a lot of people, that turns into (perceiving) someone as egotistical," he said. "But if you declare knowledge of something and you don't actually have it, it can be problematic in a professional setting" and that's just something they have to learn.

Balliett said these professionals are willing to take on new projects, such as learning a complicated computer program. For some older, more established workers, the task can be daunting.

"I love employees (that are like) sponges," she said. "They are so excited to learn (those skills) and then they become the expert. It's going to take a long time (to learn) a certain skill set, but when you're young, you have the patience to learn those skills."

"We (Millennials) need to make sure we are growing and that we are not stagnating. If (companies) continue to give them learning opportunities, (those employees) will stay longer," Cohn said.

This emerging workforce shouldn't be looked at as a burden but a boon for business. Millennials bring an edge to companies by bringing in fresh insight, despite not having years of work under their belts.

When employees lack experience, they can also lack confidence, Balliett said. "I learned that I had to empower my employees. They are the experts (in the industry). Our clients are paying them for their expertise."